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Home » IANS » Complaints disclosure not required before probe: Infosys (Lead)

Complaints disclosure not required before probe: Infosys (Lead)

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Bengaluru, Oct 24 (IANS) Infosys on Thursday said before conclusion of the investigation of the generalised allegations in the complaints, a disclosure under Regulation 30 of Listing Obligation and Disclosure Requirement Regulations was not required.

“The disclosure made on October 22, 2019 was to respond to multiple media inquiries and reports. The company undertakes to continue making timely disclosures as required under Regulation 30 of LODR Regulations,” said Infosys in a statement to the BSE.

On Wednesday, BSE demanded the global software major why it did not disclose whistleblower information to the bourse, following the clearly defined whistleblower disclosure norms.

BSE demanded the clarification after the company’s chairman Nandan Nilekani admitted in a statement to the exchange on October 22 that whistleblower complaints were indeed received.

In the statement, Nilekani said, “One Board member received two anonymous complaints on September 30, 2019 one dated September 20, 2019 titled “Disturbing unethical practices” and the second undated with the title, “Whistleblower Complaint”.

According to the company’s whistleblower regulations, Nilekani said Infosys placed both the complaints before an audit committee on October 10.

Law firm Shardul Amarchand Mangaldas is conducting the investigation into the anonymous whistleblower complaints, Infosys said.

“While dealing with these complaints, the company evaluates the requirements of various regulations including disclosures under Regulation 30 of SEBI (LODR) Regulations, 2015, as amended (“LODR Regulations”),” Infosys said.

A few anonymous employees of global software vendor Infosys have accused its Chief Executive Officer (CEO) Salil Parekh and Chief Financial Officer (CFO) Nilanjan Roy of unethical practices for many quarters.

“Parekh and Roy have been resorting to unethical practices for many quarters, as evident from their e-mails and voice recordings of their conversations,” said the complainants, who called themselves ‘ethical employees’ in a 2-page letter to the city-based IT behemoth’s board of directors on September 20, a copy of which has been accessed by IANS.

The software engineers charged that Parekh and Roy directed them to cook the account books to show more profits in the treasury by taking risks and making changes to policies.

The whistleblower asked the auditors to properly check deal proposals, margins, undisclosed upfront commitments extended and revenue recognition.

At 12:08 pm, Infosys shares were trading were trading 1.38 per cent lower at 641.75 rupees. Eom/371 words



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